Press Release

For release at 10:00 a.m. EDT

On May 18, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate:

0.250 percent

Total propositions submitted:

$55.570 billion

Total propositions accepted:

$55.570 billion

Bid/cover ratio:

0.37

Number of bidders:

96

The awarded loans will settle on May 21, 2009, and will mature on August 13, 2009. The stop-out rate shown above will apply to all awarded loans.

Institutions that submitted winning bids will be contacted by their respective Reserve Banks by 11:30 a.m. EDT on May 19, 2009. Participants have until 12:30 p.m. EDT on May 19, 2009, to inform their local Reserve Bank of any error.